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| [January 04, 2013] |
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Marsh & McLennan Agency Acquires Liscomb Hood Mason
WHITE PLAINS, N.Y. --(Business Wire)--
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker
Marsh Inc., today announced the acquisition of Liscomb Hood Mason Co., a
$2.2 million revenue agency based in Duluth, Minnesota. Terms of the
transaction were not disclosed.
With roots dating back to 1927, Liscomb Hood Mason offers a wide range
of property/casualty and employee benefit products and services to
businesses and individuals in Minnesota. All of the firm's leadership
and employees, including its president Larry Sumbs, will join MMA and
operate within MMA's upper Midwest hub.
"Liscomb Hood Mason's strong community presence in Duluth, dedication to
service excellence, and top-notch leadership make it an excellent fit
for MMA," said Bill Jeatran, Minneapolis-based CEO of MMA's upper
Midwest region. "With Liscomb Hood Mason, we are able to offer greater
resources and a broader platform to serve the needs of our clients in
the upper Midwest."
"We are pleased to be joining MMA and view this move as an opportunity
to build on the success Liscomb Hood Mason has had over the last 85
years," Mr Sumbs said. "As part of MMA, our clients will now have access
to a wider range of products and services to address their emerging and
evolving risk and benefit issues."
Commenting on the transaction, David Eslick, chairman and CEO of Marsh &
McLennan Agency, said: "Liscomb Hood Mason is another example of how we
are adding high caliber, local talent and expertise to enhance the
resources available to our MMA clients. I welcome Larry and the rest of
the Liscomb Hood Mason team to MMA."
*Editor's note: Marsh & McLennan Companies co-founder Donald
R. McLennan was a Duluth native who in 1894 began his insurance career
at Stryker, Manley & Buck, later renamed McLennan-Manley Agency. In
1905, McLennan-Manley Agency merged with two other firms to form
Chicago-based Burrows, Marsh & McLennan, which was renamed Marsh
& McLennan in 1906. Jon Welles, a principal shareholder in
Liscomb Hood Mason and current chief financial officer, is the great
nephew of Mr McLennan. New York-based Marsh & McLennan Companies is the
global parent of Marsh Inc.
About Marsh & McLennan Agency
Marsh & McLennan Agency LLC, a subsidiary of Marsh, was established in
2008 to meet the needs of midsize businesses in the U.S. MMA operates
autonomously from Marsh to offer commercial property, casualty, personal
lines, and employee benefits to clients across the U.S.
About Marsh
Marsh,
a global leader in insurance broking and risk management, teams with its
clients to define, design, and deliver innovative industry-specific
solutions that help them protect their future and thrive. It has
approximately 26,000 colleagues who collaborate to provide advice and
transactional capabilities to clients in over 100 countries. Marsh is a
wholly owned subsidiary of Marsh
& McLennan Companies (NYSE: MMC), a global team of professional
services companies offering clients advice and solutions in the areas of
risk, strategy and human capital. With 53,000 employees worldwide and
annual revenue exceeding $11 billion, Marsh & McLennan Companies is also
the parent company of Guy
Carpenter, a global leader in providing risk and reinsurance
intermediary services; Mercer,
a global leader in human resource consulting and related services; and Oliver
Wyman, a global leader in management consulting. Follow Marsh on
Twitter (News - Alert) @Marsh_Inc.
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